The briefing will highlight on the opportunities between NSW and Malaysia as well as to better understand Malaysia’s capability as a new alternative supply based for Asia.

For the foreseeable future, Malaysians will continue to have growing disposable incomes and good access to credit, supported by a mature financial sector. These more affluent and sophisticated consumers will demand greater product choice, better quality brands and higher standards of service. In 2018 Malaysia was Australia’s 10th largest trading partner and recorded the second fastest growth in two-way trade among major ASEAN economies. Malaysia is Australia’s sixth largest energy export market, and total bilateral trade (goods and services) increased from $16 billion in 2008 to over $24 billion in 2018.

Malaysia is Australia’s second largest source of foreign investment from ASEAN. Malaysia is an advanced middle-income nation with the fastest urbanisation growth rate in ASEAN. The country is expected to reach high-income status by 2024. Malaysia’s growth presents numerous commercial opportunities, particularly in sectors such as food and agribusiness, digital economy (e-commerce and fintech), health care, smart cities, energy and defence.